Last Updated : Sep 09, 2020 11:48 AM IST | Source: Moneycontrol.com

Bharat Dynamics share price tumbles 18% in 3 days on divestment news

It would also exercise the option to additionally sell up to 9,164,063 equity shares or 5 percent of the total issued paid up capital of the company in case of oversubscription.

 
 
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Bharat Dynamics share price was down over 3 percent intraday on September 9, tanking over 18 percent in the last 3 days after the company informed the exchanges that the government will sell up to 18,338,125 equity shares or 10 percent of the total issued paid up capital of the company.

Bharat Dynamics (BDL) has informed the exchanges the government will sell up to 18,338,125 equity shares or 10 percent of the total issued paid up capital of the company for face value of Rs 10 each on September 8 (T Day – for retail investors) and September 9 (T+1 Day – for non-retail investors).

It would also exercise the option to additionally sell up to 9,164,063 equity shares or 5 percent of the total issued paid up capital of the company in case of oversubscription. The floor price of Rs 330 per equity share has been decided.

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"Offer for Sale of 15 percent government shares in the company got good response on day one and was subscribed 1.40 times by non- retail investors . Govt has decided to exercise the green shoe option . Retail investors get chance to bid tomorrow with a discount of Rs 20 on the cut off price," Secretary DIPAM (Department of Investment and Public Asset Management) tweeted.The stock price was trading at Rs 319.50, down Rs 11.65, or 3.52 percent. It has touched an intraday high of Rs 323.60 and an intraday low of Rs 316.20.

Eligible employees may apply for equity shares up to Rs 500,000, in accordance with terms and conditions of the Securities and Exchange Board of India (SEBI) and subject to approval from the competent authority, the filing said.

“The offer is being undertaken to achieve minimum public shareholding as prescribed under Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended, and Regulation 38 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015,” it added.
First Published on Sep 9, 2020 11:48 am
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